Poolin Bankruptcy and ETH/BTC Reversal: Crypto Market Update, 24 July 2026

By Jodez · Market Update · 2026-07-24

Bitcoin mining pool Poolin and its US affiliates filed for Chapter 11 bankruptcy in New Jersey on Friday, citing liabilities between $100 million and $500 million. The company is seeking court approval to sell two West Texas mining sites for a combined $52 million. Once the world's largest mining pool in 2019, Poolin now holds just 0.2% of the network hashrate. This is another chapter in the ongoing story of miner capitulation in a high-cost energy environment.

Poolin Bankruptcy: The End of a Legacy

Poolin's filing is unlikely to rattle Bitcoin's price directly. The 0.2% hashrate share means minimal network disruption. But the forced sale of $52 million in mining assets could create localized pressure on hardware prices and signals that the shakeout among older, less efficient miners continues.

The broader takeaway is structural. Mining is becoming a capital-intensive game dominated by institutions with cheap power and scale. Poolin's fall from grace is a reminder that the industry's infrastructure is still maturing. For traders, this is noise for BTC but a data point on the health of the mining ecosystem.

Macro Crosscurrents: Jobs Data vs. Oil

Thursday's initial jobless claims came in at 187K, well below the 211K forecast. That's a tight labor market, which reduces the case for Fed rate cuts. The immediate reaction was a spike in Treasury yields and the dollar, putting pressure on risk assets including crypto.

But crude oil inventories built by 2.010 million barrels, reversing the previous draw. Lower energy costs are disinflationary, giving the Fed some breathing room. The net effect is a tug-of-war: a strong economy supports risk appetite, but higher-for-longer rates cap it. Crypto sits in the middle.

Today's PMI data (Manufacturing forecast 54.5, Services 51.4) and New Home Sales (forecast 604K) will provide the next directional clue. A hot print strengthens the dollar and adds headwinds. A miss could fuel a relief rally.

ETH/BTC Breaks the 11-Month Downtrend

This is the most significant technical development of the window. The ETH/BTC pair has broken a major 11-month downtrend, shifting the bias toward altcoin outperformance. The pair's move suggests capital is starting to rotate out of Bitcoin dominance.

Ethereum staking ratios continue to rise, increasing holder commitment. But the presence of liquid staking tokens and hedging options means we shouldn't expect a simple supply squeeze. The price impact will come from unhedged validator exposure, not just staking inflows.

Key catalysts ahead: Robinhood's wallet points program launches August 1, aiming to retain $1B in bridged liquidity and $3B in weekly DEX volume. The program partners with Uniswap and Ondo, which could drive demand for UNI and ONDO.

Price Action: Red Across the Board

Majors are down over the three-day window, with the selling broad but not catastrophic:

• BTC: $65,032 (-2.24%)

• ETH: $1,882 (-2.44%)

• SOL: $75.13 (-3.79%)

• BNB: $566.50 (-1.26%)

• XRP: $1.103 (-3.52%)

• DOGE: $0.06939 (-5.4%)

DOGE is the weakest, down over 5%. The selling is broad but orderly, no panic, just steady pressure from the macro headwinds.

Scanner Signals: DEXE Shorts, WLFI Longs

Our scanners flagged the following symbols most frequently over the window:

• DEXE (18 flags), Bearish, new shorts building. Member jgrails caught a DEXE short for +155.8% in just 1h 31m.

• WLFI (12 flags), Bullish, new longs.

• TSLA (9 flags), Coiling, volatility expected.

• MRVL (8 flags), Short squeeze risk.

• STX (7 flags), Bearish, shorts building.

• GOOGL, APR (7 each), Coiling, volatility expected.

• 1INCH (7 flags), Bullish, new longs.

The DEXE short bias aligns with the broader market's risk-off tone. WLFI and 1INCH suggest some traders are betting on a rotation into smaller caps.

Headlines You Should Know

• Gemini sent $10M in Bitcoin to the Trump-aligned MAGA Inc. Super PAC on June 19, following a joint motion with the CFTC to reverse a prior $5 million settlement. The reversal attempt, led by CFTC Chair Michael Selig, claims the original enforcement was politically motivated. A successful rollback could lower regulatory risk premiums for US exchanges.

• BlackRock, Coinbase, and Strategy (formerly MicroStrategy) pledged $15 million over three years to the Bitcoin Security Consortium, focusing on post-quantum cryptography. The institutional backing reduces tail risk around quantum threats, even if the immediate price impact is nil.

• Arbitrum perp DEX AFX Trade was exploited for $4.15 million via its USDC bridge. The attacker swapped the funds for 12,468 ETH, which remains in a single wallet. AFX offered a 30% white hat bounty. This is the second major perp DEX exploit on Arbitrum in a week.

• SEC Commissioner Hester Peirce warned that some DeFi vaults and onchain lending strategies may be securities. Morpho tokens fell ~5% on the news. The focus on curated vaults suggests a shift from targeting protocols to targeting managers.

• Robinhood CEO Vlad Tenev's X account was hacked to promote a fraudulent memecoin. The scam was viewed 175,000 times in 20 minutes. No material impact on HOOD shares.

Community Wins: Algo Results and Member Plays

The Momentum Algo closed three long trades this window:

• CRV long at +2.11R

• UNI long at +2.1R

• CL long at +2.06R

Solid, consistent results from the algo. These are the kind of risk-managed wins that compound over time.

Members also had standout performances:

• seitaru caught a BTW long for +546.8% over 33 days with 10x leverage. The same trader also hit a VVV long for +147.6% over 7.5 days.

• jgrails shorted DEXE for +155.8% in just 1 hour 31 minutes, a textbook scalp.

• scalpcitymf took an EVAA long for +133.9% in 1 day 11 hours.

• 1goldenboyy shorted BANK for +117.6% in just 3 minutes, an aggressive scalp that worked.

These trades are retrospective and not signals. But they show the range of opportunities in this market: swing holds, fast scalps, and everything in between.

What to Watch Next

The PMI data today will set the tone for the weekend. A miss on Manufacturing or Services could trigger a relief rally in risk assets. Watch the DXY and Treasury yields for confirmation.

On the crypto-specific side, the Robinhood wallet points launch on August 1 is the next major catalyst. UNI and ONDO could see increased demand as the ecosystem locks in liquidity. And the ETH/BTC breakout needs to hold above the trendline to confirm the altseason thesis.

Also keep an eye on the AFX hacker's ETH wallet. If the funds move to an exchange, it could create temporary sell pressure on ETH.

This is market commentary, not financial advice. Always do your own research.